In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity? Graph?

In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity? Graph?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 1E

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Question

In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages.

Change in demand?

Change in supply?

Change in market equilibrium price?

Change in market equilibrium quantity?
Graph?

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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